I owe alot of money in credit card debt. can they put a lien on my condo if i cant pay my bills?

It depends on the state. Not in Florida, but yes in most states. I suggest you call the credit card companies and negotiate a deal to lower amount due, payments and interest. This article was in today's NY Times
Hard times are usually good times for debt collectors. But in this recession, perhaps the deepest in decades, the unthinkable is happening: collectors, who usually do the squeezing, are getting squeezed a bit themselves.
After helping to foster the explosive growth of consumer debt in recent years, credit card companies are realizing that some hard-pressed Americans will not be able to pay their bills as the economy deteriorates.
So lenders and their collectors are rushing to round up what money they can before things get worse, even if that means forgiving
a portion of some borrowersâ€™ debts. Increasingly, they are stretching out payments and accepting dimes, if not pennies, on the dollar as payment in full.
â€œYou canâ€™t squeeze blood out of a turnip,â€ said Don Siler, the chief marketing officer at MRS Associates, a large collection company that works with seven of the 10 largest credit card companies.
â€œThe big settlements just arenâ€™t there anymore.â€
Banks and card companies are bracing for a wave of defaults on credit card debt in early 2009, and they are vying with each other to get paid first.
So even as many banks cut consumersâ€™ credit lines, raise card fees and generally pull back on lending, some lenders are trying to give customers a little wiggle room. Bank of America, for instance,
says it has waived late fees, lowered interest charges and, in some cases, reduced loan balances for more than 700,000 credit card holders in 2008.
American Express and Chase Card Services say they are taking
similar actions as more customers fall behind on their bills. Every major credit card lender is giving its collection agents more leeway to make adjustments for consumers in financial distress.
Debt collectors, who are typically paid based on the amount of money they recover, report that the number of troubled borrowers
getting payment extensions has at least doubled in the last six months. In other cases, borrowers who appear to be pushed to the brink are being offered deals that forgive 20 to 70 percent of credit card debt.
In the past, troubled borrowers might have been able to pay down card loans by tapping the equity in their homes, drawing on retirement savings, taking out a debt consolidation loan, or even calling a relative for help. But with credit tight, consumers are maxed out.
â€œKnowing that the sources of funding have dried up, having
someone pay the balance in full isnâ€™t a viable strategy,â€ said Tim Smith, a senior executive at Firstsource, one of the biggest debt collection companies.
ERIC DASH

If they take you to court and get a judgment they can attach bank accounts, garnish wages (if your State allows it) and file liens on any real property you may own like cars, boats, land and homes.

They can not take the property but if you sell it the liens must be paid in full.

File chapter 7. It's not as bad as some people make it. Soooooo many people are doing it these days because they have no choice.

the simple answer is yes but it is not likely - if you dont pay your condo though it will happen!

Credit card debt is unsecured debt. You didn't finance the credit card debt with your condo. That is, you did not have to put up collateral (car, house, condo, boat, etc) for the debt. They can only get a judgment for the debt that you owe. Now, to pay the debt you may have to sell your condo, but you don't have to.

Only if they sue you and get a judgement. Then the lien must be allowed by state law, which it isn't in Texas. Very rare for credit card companies to do.

ramman is right, credit card is unsecured debt. and, someone else mentioned bankruptcy as an option. you want to do your best to keep a decent credit rating, though. I would contact the credit card companies first and work something out with them, or use one of the many organizations out there to help with debt relief. often, you can get the amounts lowered, especially the interest.

No, credit card debt is unsecured debt. As long as you didn't lie on the credit application (like overstating your income), there really isn't much they can do, other than harass you and turn you into the credit bureaus.

Yup. They can even force the sale of it. But, that's not likely unless you have a lot of equity in your condo.

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